BigONE
$893.05M
, a cryptocurrency exchange, has confirmed it was targeted in an external attack that led to $27 million being taken from one of its hot wallets.
The incident was discovered on July 16 after its system flagged unusual fund transfers.
After looking into the issue, BigONE said the cause was a third party gaining access to its online wallet system.
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BigONE stated that while the breach allowed access to certain wallet functions, the platform’s private keys were not exposed, and the path used to carry out the attack has been blocked.
The exchange has drawn on its emergency reserve assets, which include Bitcoin, Ethereum, USDT, Solana, and Mixin. These funds are being used to make sure affected users do not lose money.
According to SlowMist, the stolen assets included 120 BTC, 350 ETH, several million USDT from multiple chains, and other tokens like CELR, SNT, and SHIB. The firm is currently tracking the wallet addresses used by the attacker to see where the stolen crypto goes.
A separate update from Cyvers explained how the attacker managed to gain access to BigONE’s production system and modify the servers’ functionality. This allowed them to bypass safety measures and withdraw funds without permission.
BigONE said all users will be reimbursed in full. It also stated that normal trading and withdrawals can continue.
Recently, Arcadia Finance, a decentralized finance (DeFi) platform, suffered a security breach that resulted in the loss of around $3.5 million in crypto assets. How? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
